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Recap of Q1 2022


Published
April 14, 2022

After a historic 2021 for the active ETF industry, the broader market presented new challenges throughout the first quarter. Inflation surging to a 40-year high, a faster-than-expected rate increase schedule from the Federal Reserve and Russia’s invasion of Ukraine combined to drive most equity and fixed income markets around the globe lower. So how did the active ETF market close out the quarter?

  • Assets: $306.1 billion (Up $103 billion YoY)
  • Q1 Cash Flow: $24.6 billion (Down $13 billion YoY, yet 2nd largest quarterly inflows in history)
  • # of New Firms Entering the Market: 16 Firms (Up 5 YoY)
  • # of New Active ETFs Launched: 63 ETFs (Up 10 ETFs YoY)
  • # of New Active ETFs Filed with SEC & Yet to Launch: 80+ ETFs (Up ~25 ETFs YoY)

You be the judge, but to us it looks like the industry fared well. Investors continued to allocate to active ETFs at a near record pace, while new asset managers entered the market and existing managers continued to innovate with new product listings and filings.

Visual Analysis of Q1 2022

Active ETF AUM Growth

Source: Factset as of 3/31/2022

Quarterly Active ETF Cash Flows

Source: Factset as of 3/31/2022

Annual Q1 Total Flows

Source: Factset as of 3/31/2022

Active ETF Fund Flows by Asset Class

 
Global EquityDomestic EquityDomestic Fixed IncomeGlobal Fixed IncomeCommoditiesAsset AllocationAlternativesCurrency
AUM LeaderARKDimensionalJPMorganState StreetInvescoWisdomTreeFirst TrustProShares
AUM Leader $B$12.6$15.5$19.0$10.3$8.1$0.9$0.5$1.3
Q1 CF LeaderARKJPMorganJPMorganState StreetInvescoETCState StreetProShares
Q1 CF Leader $B$0.6$2.2$1.3$1.6$2.2$0.2$0.1$0.1

Source: Factset as of 3/31/2022

JPMorgan took the Q1 issuer flow crown with $4.2 billion. Its success was largely driven by a trio of income-oriented ETFs (JEPI, JMST & JPST). Narrowly missing the top spot was Dimensional with $4.1 billion, led by their suite of core equity ETFs. Rounding out the top five were First Trust ($3.4 billion), Invesco ($2.2 billion) and American Century ($1.9 billion). Just making the top ten was ETF newcomer Capital Group ($0.6 billion), which launched its first suite of six NYSE listed ETFs in late February.

Across the industry during Q1, just over 80% of issuers experienced neutral or positive cash flows, 28 saw inflows exceeding $100 million and 10 surpassed $500 million. Outside of the top 5 -- State Street ($1.4 billion), Innovator ($1.1 billion), Janus Henderson ($1.0 billion), PGIM ($0.6 billion) and the aforementioned Capital Group ($0.6 billion) -- all surpassed the $500 million cash flow mark. A few other notable year-over-year growers included abrdn ($388 million, 2.4x 2021 Q1 flows), Horizon Kinetics ($381 million, 2021 entrant), Simplify ($303 million,1.2x 2021 Q1 flows), Goldman Sachs ($191 million, 2.3x 2021 Q1 flows), and ProShares ($146 million, 25x 2021 Q1 flows).

Top 5 Issuers by Cash Flow Annually (2017- 2021)
TickerTop 10 ETFs by Cash Flow ($B)Q1 2022 ($M)
PDBCInvesco Optimum Yield Diversified Commodity Strategy No K-1 ETF$2,240
JEPIJPMorgan Equity Premium Income ETF$2,234
FTGCFirst Trust Global Tactical Commodity Strategy Fund$1,693
SRLNSPDR Blackstone Senior Loan ETF$1,571
JMSTJPMorgan Ultra-Short Municipal Income ETF$1,323
JAAAJanus Detroit Street Trust Janus Henderson AAA CLO ETF$825
DFACDimensional U.S. Core Equity 2 ETF$817
FTSLFirst Trust Senior Loan Fund$746
JPSTJPMorgan Ultra-Short Income ETF$661
COMTiShares U.S. ETF Trust iShares GSCI Commodity Dynamic Roll Strategy ETF$624
TickerBottom 10 ETFs by Cash FlowQ1 2022 ($M)
JPHYJPMorgan High Yield Research Enhanced ETF$(650)
IVOL
Quadratic Interest Rate Volatility & Inflation Hedge ETF
$(633)
IGBHiShares Interest Rate Hedged Long-Term Corporate Bond ETF$(577)
LMBSFirst Trust Low Duration Opportunities ETF$(426)
NEARBlackRock Short Maturity Bond ETF$(420)
ARKWARK Next Generation Internet ETF$(416)
FIXDFirst Trust TCW Opportunistic Fixed Income ETF$(394)
MINTPIMCO Enhanced Short Maturity Active ETF$(341)
ARKQ
ARK Autonomous Technology & Robotics ETF
$(267)
GSYInvesco Ultra Short Duration ETF$(266)

The Q1 product-level cash flow crown goes to Invesco’s Optimum Yield Diversified Commodity Strategy ETF ($2.2 billion). At the aggregate product level, 60% of active ETFs experienced positive flow for the quarter, down slightly from the near 65% that experienced positive cash flows during the fourth quarter of 2021. During Q1, 100 ETFs exceeded $50 million in cash flow (often viewed as a break-even measure for an ETF) and another 58 ETFs exceed $25 million in cash flow.

Launch Monitor Q1 2022

Domestic Equity
27 ETFs Launched
$639 M Assets Raised
Domestic Fixed Income
4 ETFs Launched
$294 M Assets Raised

Alternatives
2 ETFs Launched
$5 M Assets Raised

Int’l/Global Equity
20 ETFs Launched
$590 M Assets Raised

Int’l/Global Fixed Income
5 ETFs Launched
$147 M Assets Raised

Asset Allocation
5 ETFs Launched
$99 M Assets Raised

In the first quarter of 2022, we saw 63 actively managed ETFs come to market raising nearly $1.8 billion in AUM, including 2 semi-transparent ETFs.

16 firms launched their first actively managed funds in Q1, ranging from new entrants in the ETF space such as Capital Group, Engine 1, Fairlead, Ameriprise/Columbia and Build Asset Management. In total, these firms raised nearly $1 billion during the quarter.

Product development continued to focus on the equity market, with 47 new ETFs focused on a range of strategies targeting domestic, international, or global equities.

Dimensional launched the most ETFs during the quarter with seven. Right behind it with six ETFs each were Capital Group, Simplify and Innovator.

The average expense ratio of new ETFs was above the industry average at 0.60% with the highest at 1.15% and the lowest at 0.15%.

Active ETF Stat Pack

Firms
# of Issuers172
# of New Issuers 202218
ProductsAssets
# of ETFs807AUM ($B)$306.05
# of New Launches 2022633 Yr AUM CAGR161%
Avg. ER0.49%5 Yr AUM CAGR58%
Cash FlowTrading
YTD Cash Flow ($B)$24.60YTD ADV (Shares)120,541,859
3 Yr Cash Flow$197.30YTD ADV ($)$5.35 B
5 Yr Cash Flow$239.90YTD Avg. Spread (bps)*32.26

Source: Factset & NYSE Internal Database and Consolidated Tape Statistics as of 3/31/2022

*Simple average

Active, Semi-Transparent Update

TickerInceptionNameAUMYTD Flows30 Day Median Spread (bps)ADV (shares)StructureLMMExpense Ratio
EQOP09/17/2020Natixis U.S. Equity Opportunities ETF$10,311,828$323,14815.74241NYSE AMSCitadel0.90%
VNSE09/17/2020Natixis Vaughan Nelson Select ETF$6,607,928$1,561,01616.22661NYSE AMSCitadel0.80%
VNMC09/17/2020Natixis Vaughan Nelson Mid Cap ETF$8,352,616$(277,609)15.96873NYSE AMSCitadel0.85%
ESGA07/15/2020American Century Sustainable Equity ETF$136,013,944$(19,723,226)14.6714,513NYSE AMSCitadel0.39%
MID07/15/2020American Century Mid Cap Growth Impact ETF$26,785,193$3,521,50714.774,850NYSE AMSCitadel0.45%
ESGY07/01/2021American Century Sustainable Growth ETF$7,195,539$436,7635.06350NYSE AMSCitadel0.39%
NDVG08/05/2021Nuveen Dividend Growth ETF$6,735,300$261,3817.361,013NYSE AMSCitadel0.64%
NSCS08/05/2021Nuveen Small Cap Select ETF$6,257,186$-12.06413NYSE AMSCitadel0.85%
NWLG08/05/2021Nuveen Winslow Large-Cap Growth ESG ETF$5,857,125$220,9547.621,637NYSE AMSCitadel0.64%
NUGO09/28/2021Nuveen Growth Opportunities ETF$3,018,791,776$7,931,3067.58142,413NYSE AMSCitadel0.55%
SAEF11/16/2021Schwab Ariel ESG ETF$10,788,000$3,457,45026.25,607NYSE AMSFlow Traders0.59%
FDG04/02/2020American Century Focused Dynamic Growth ETF$172,185,354$(17,580,429)15.3520,247ActiveSharesCitadel0.45%
FLV04/02/2020American Century Focused Large Cap Value ETF$224,758,051$(16,502,895)14.7212,434ActiveSharesCitadel0.42%
CFCV05/28/2020ClearBridge Focus Value ETF$3,942,988$339,29149.01442ActiveSharesGTS0.50%
FBCG06/04/2020Fidelity Blue Chip Growth ETF$432,092,295$(11,672,493)25.54169,279Fidelity ProxyGTS0.59%
FBCV06/04/2020Fidelity Blue Chip Value ETF$116,280,450$11,043,01526.332,454Fidelity ProxyGTS0.59%
FMIL06/04/2020Fidelity New Millennium ETF$64,083,678$(750,373)31.2114,926Fidelity ProxyGTS0.59%
FGRO02/04/2021Fidelity Growth Opportunities ETF$59,718,643$8,430,8706.0683,372Fidelity ProxyCitadel0.59%
FMAG02/04/2021Fidelity Magellan ETF$50,499,045$166,34815.2725,581Fidelity ProxyRBC0.59%
FPRO02/04/2021Fidelity Real Estate Investment ETF$22,700,475$728,7434.179,163Fidelity ProxyCitadel0.59%
FSMO02/04/2021Fidelity Small/Mid-Cap Opportunities ETF$30,564,835$(114,118)15.6710,286Fidelity ProxyRBC0.59%
FSST06/17/2021Fidelity Sustainability U.S. Equity ETF$5,839,075$-16.411,560Fidelity ProxyRBC0.59%
FDWM06/17/2021Fidelity Women's Leadership ETF$2,415,738$(474,203)17.66934Fidelity ProxyRBC0.59%
TCHP08/05/2020T. Rowe Price Blue Chip Growth ETF$285,784,352$46,004,27012.56157,531T Rowe ProxyVirtu0.57%
TDVG08/05/2020T. Rowe Price Dividend Growth ETF$131,820,661$12,030,18610.9227,545T Rowe ProxyRBC0.50%
TEQI08/05/2020T. Rowe Price Equity Income ETF$76,735,668$17,351,31710.119,109T Rowe ProxyVirtu0.54%
TGRW08/05/2020T. Rowe Price Growth Stock ETF$48,212,531$4,536,31113.5310,885T Rowe ProxyRBC0.52%
TSPA06/08/2021T. Rowe Price U.S. Equity Research ETF$24,228,457$1,732,11911.532,487T Rowe ProxyRBC0.52%
IVDG12/22/2020Invesco Focused Discovery Growth ETF$1,058,952$(116,340)17.67480Invesco ModelCitadel0.59%
IVSG12/22/2020Invesco Select Growth ETF$1,290,913$-16.35380Invesco ModelCitadel0.48%
IVLC12/22/2020Invesco US Large Cap Core ESG ETF$7,057,974$101,84012.744,291Fidelity ProxyCitadel0.48%
IVRA12/22/2020Invesco Real Assets ESG ETF$3,025,386$447,96036.35922Fidelity ProxyCitadel0.59%
LOPP02/01/2021
Gabelli Love Our Planet & People ETF
$14,017,350$3,319,19035.622,099ActiveSharesGTS0.90%
GGRW02/16/2021Gabelli Growth Innovators ETF$3,600,340$-89.65788ActiveSharesGTS0.90%
GAST01/05/2022Gabelli Asset ETF$4,813,620$244,38092.45126ActiveSharesGTS0.90%
FRTY03/01/2021Alger Mid Cap 40 ETF$30,110,875$(2,317,750)39.7627,379ActiveSharesVirtu0.60%
ATFV05/04/2021Alger 35 ETF$10,574,250$(1,067,125)38.983,402ActiveSharesVirtu0.55%
REIT02/26/2021ALPS Active REIT ETF$19,627,411$(6,466,050)33.469,135Blue TractorGTS0.68%
STNC03/16/2021Stance Equity ESG Large Cap Core ETF$39,266,286$2,336,63434.982,220Blue TractorGTS0.85%
PFUT05/26/2021Putnam Sustainable Future ETF$8,174,613$545,43637.211,826Fidelity ProxyVirtu0.64%
PLDR05/26/2021Putnam Sustainable Leaders ETF$7,045,282$6,66316.03312Fidelity ProxyRBC0.59%
PGRO05/26/2021Putnam Focused Large Cap Growth ETF$10,059,265$703,53313.232,013Fidelity ProxyRBC0.55%
PVAL05/26/2021Putnam Focused Large Cap Value ETF$25,770,184$6,255,80241.979,476Fidelity ProxyVirtu0.55%
HFGO11/09/2021Hartford Large Cap Growth ETF$79,476,533$61,728,02119.12249,861Fidelity ProxyCitadel0.59%
SEMI03/30/2022Columbia Seligman Semiconductor and Technology ETF$5,021,004$-23.3956,838Fidelity ProxyVirtu0.75%
 
Total/Average$5,181,051,431$56,974,82423.16835,655
 
0.61%

Source: FactSet & NYSE Internal Database and Consolidated Tape Statistics as of 3/31/2022

*Simple average

March Active ETF Launches

TickerNameIssuerLaunch DateAsset ClassAUM
HAUSHome Appreciation U.S. REIT ETFToroso Investments03/01/2022Equity$1,608,143
IPDPDividend Performers ETFSheaff Brock Capital Management LLC03/07/2022Equity$17,914,819
IPPPPreferred-Plus ETFSheaff Brock Capital Management LLC03/07/2022Fixed Income$13,479,425
BSTPInnovator Buffer Step-Up Strategy ETFInnovator03/08/2022Equity$4,056,000
PSTPInnovator Power Buffer Step-Up Strategy ETFInnovator03/08/2022Equity$5,352,000
CTASimplify Managed Futures Strategy ETFSimplify Asset Management Inc.03/08/2022Alternatives$3,006,649
MSTQLHA Market State Tactical Q ETFLittle Harbor Advisors03/15/2022Equity$7,046,225
KGHGKraneShares Global Carbon Transformation ETFKraneShares03/16/2022Equity$2,700,767
AVSDAvantis Responsible International Equity ETFAmerican Century Investments03/17/2022Equity$2,683,150
AVSUAvantis Responsible U.S. Equity ETFAmerican Century Investments03/17/2022Equity$1,618,353
GDEWisdomTree Efficient Gold Plus Equity Strategy FundWisdomTree Investments, Inc.03/17/2022Asset Allocation$1,348,320
RHCBBNY Mellon Responsible Horizons Corporate Bond ETFThe Bank of New York Mellon Corp.03/22/2022Fixed Income$25,157,050
TACKFairlead Tactical Sector ETFFairlead03/23/2022Equity$51,359,000
ROCIROC ETFAlpha Architect03/24/2022Equity$3,603,208
DFICDimensional International Core Equity 2 ETFDimensional Holdings03/24/2022Equity$76,000,000
DFISDimensional International Small Cap ETFDimensional Holdings03/24/2022Equity$20,200,000
DIHPDimensional International High Profitability ETFDimensional Holdings03/24/2022Equity$17,900,000
DISVDimensional International Small Cap Value ETFDimensional Holdings03/24/2022Equity$23,900,000
AVSEAvantis Responsible Emerging Markets Equity ETFAmerican Century Investments03/30/2022Equity$2,504,320
SEMIColumbia Seligman Semiconductor and Technology ETFAmeriprise Financial03/30/2022Equity$5,021,004
OACPOneAscent Core Plus Bond ETFOneascent Holdings LLC03/31/2022Fixed Income$20,000,000
GDVDNorthern Lights Fund Trust IV Global Dividend Growth ETF -R6-Rcubed03/31/2022Equity$619,053
RPHSRegents Park Hedged Market Strategy ETFRegents Park Funds03/31/2022Alternatives$249,951
 
Total - 23 New ETFs
 
 
$307,327,436

Source: Factset as of 3/31/2022

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